NU Online News Service, June 15, 9:00 a.m. EDT

Iowa's governor has chosen an executive with a financial services group to be the state's next insurance commissioner.

Nick Gerhart, 37, vice president of compliance and regulatory affairs at the Sammons Financial Group, will start his new position this fall, says Gov. Terry E. Branstad.

Gerhart will take over for Susan Voss when she retires at the end of the year.

In a statement, Branstad thanked Voss for her service and called Gerhart "a bright, talented executive who understands the vital importance of this industry in our state."

"Nick understands the challenges within the industry as well, and is a problem-solver who will excel in this position," Barnstad continues.

Des Moines-based Sammons Financial Group is an insurance holding company. Its member-companies offer life insurance, annuities, and securities.

Gerhart also served as vice president of compliance communications and associate general counsel at American Equity Investment Life Insurance Co.

The new commissioner is a Des Moines resident and earned his bachelor's degree from the University of Northern Iowa. He then went on to earn a law degree from Saint Louis University School of Law and a master's in health administration.

Voss has been with the Iowa Insurance Division since 1993 and became commissioner in 2005. She was appointed first deputy commissioner in 1999.

Voss was president of the National Association of Insurance Commissioners in 2011.

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